Atlanta-based non-QM wholesale lender Angel Oak Mortgage Solutions has updated its rate lock policy to a 30-day lock period due to the fast-rising interest rates landscape.
“Angel Oak, along with the rest of the non-QM industry, has been forced to make rapid adjustments to ensure liquidity during this highly volatile market,” a company spokesperson told HousingWire.
Lenders offer borrowers to lock the mortgage rates for a period between the offer and the closing date, which vary according to their policies.
However, during periods of instability, locking the rate for a long period puts downward pressure on lenders’ margins, details ⇒
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